Non-fungible tokens, or NFTs, are receiving much attention from people across industries, especially in the arts. But this hardly comes as a surprise, bearing in mind that some creators have walked away with huge profits from selling just one NFT. If you researched the NFT market today, you’d notice a massive growth from what it was a few years ago when NFTs entered the scene as a way to make money.
In fact, experts project the market to grow by 33.9% from 2022-2030 to reach a value of $211 billion. One of the major driving factors for this growth is the increasing use of cryptocurrency and the demand for digital arts. But how can you share in the success of NFTs? This article shares tips to help you launch a collection with a high potential of succeeding in the market.
How NFTs work
NFTs are digital assets that hold a unique value and identity and are stored on the blockchain, a decentralized digital ledger. By being non-fungible in nature, it means you can’t exchange one NFT for an asset of a similar value. Their value comes from their uniqueness enabling scarcity.
An NFT can only have one owner at a time as you can only make one version. Since you can’t mint the same NFT or alter its ownership, it becomes scarce and rises in value. If you’re just breaking ground in the market, dealing with a reputable NFT consulting firm may be an excellent place to start.
Make your story compelling
Assuming you already have a niche for your NFTs and have picked the assets from which you want to create your collectibles. It could be art, merchandise, collectibles, music, anything really. However, the first question you should answer is why a buyer would be interested in your collectible. Why would anyone want to spend their money on your NFTs?
Here are some of the questions you must answer before proceeding with your project:
- Why are you starting the NFT project?
- What is unique about your NFT collection?
- What makes them significant in the market?
- Will they retain value over time?
- How valuable are they to the buyers?
- What is your NFTs story?
- Why should anyone buy your NFT?
The answers to these questions are significant when deciding on how to create and sell NFT. They help you tell your story. The most successful projects in the NFT market are not the most beautiful or creative collections. They’re those that tell a compelling story.
Choose a blockchain network and marketplace wisely
As a creator, another decision you have to make that determines the success of your NFT is the blockchain to mint them on and the platform you’ll use to sell them. While Ethereum and Opensea are the most popular blockchain and marketplace for creating and selling NFTs projects, they are not the only options.
There are other blockchain networks you can choose from and build your marketplace. Go for options like Metaverse NFT marketplaces from providers of Metaverse development services. Your marketplace gives you more control over your project launch and helps you save on gas fees synonymous with Ethereum. Exploring all the options is advisable before choosing where to create and launch your NFT collection.
Think about marketing early
Launching your NFT is about creating a sizable community and excitement. The more people talk about it, the more value they place on it. Remember that a good NFT tells a story that the community can resonate with and believe in if you’re to create value for it. This isn’t something you can do overnight.
Start creating hype about your idea by doing the following things:
- Build a simple website with a clear purpose
- Generate content around your project, write great content, and post photos and videos
- Post on social media platforms and interact well with the community and fans
- Join Ask Me Anything (AMA) forums to communicate your NFT project goal and vision
- Get industry and social media influencers on board to help you market your NFT
The point is to create enough excitement and anticipation around your project that people will want to be associated with it when you finally launch.
Ensure lasting value
The value of an NFT comes from the value the community ascribes to it. If you want the value to keep rising, you must keep the excitement growing. You don’t want a project whose excitement dies away too soon. The best way to create lasting value is to have an original story to tell and ensure you continue innovating it as times demand. When you give value to your community, the side lookers get interested and want to join in, and the value of your NFT keeps growing.
A successful NFT project combines careful planning and a clear goal, a compelling story to tell, and being on the right platforms. Hopefully, the tips above will help you plan better and launch a successful NFT project.